Venezuela slashes five zeros from newly issued bank notes
Venezuela has dropped five zeros from its new banknotes in a move which President Nicolas Maduro claims will tame the country's hyperinflation.
“Venezuela is going to experience an economic miracle,” said Maduro on Monday, adding that “I want the country to recover and I have the formula. Trust me.”
The new sovereign bolivar currency will also be linked to the locally-created Petro cryptocurrency.
Maduro also increased minimum wages by 3,000 percent in an attempt to increase the purchasing power of the nation.
“We are going to begin a process of recovery in the coming days, weeks and months..It is a revolutionary formula … unique in the world!,” he added.
“Venezuela is going to experience an economic miracle,” he noted.
Maduro’s predecessor, the late Hugo Chavez, had already stripped three zeroes off the bolivar in 2008.
On Sunday, Locals in a Brazilian border town forced out Venezuelan economic immigrants after an alleged stabbing incident.
Tens of thousands of Venezuelans have been moving over into neighboring countries over the last few years as an economic crisis in their once-prosperous, oil-rich country gets worse.
Venezuela is in a fourth year of recession, hamstrung by shortages of basic goods and stalled public services.
The announcement comes several days after, Venezuela arrested two high-ranking military officers as part of an investigation into what the government says was an assassination plot against Maduro.
Maduro, who escaped the attack unharmed, blamed the opposition, which denied the allegation and accused the president of staging the attack to “irresponsibly and sweepingly” crack down on his opponents.
Venezuela’s government-allied Constituent Assembly has already launched a process to strip opposition lawmakers of their immunity and prosecute them over the attack.
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